The Distribution Act states that “only holders of a mortgage adhering licence and persons with an exemption may conduct a brokerage transaction related to a mortgage-backed loan on real estate interest for other persons and for a remuneration that depends on the granting of loans. As soon as you receive an agreement with your broker, it is written into the brokerage contract. Note that the OACIQ forms are designed for your protection and that you have different types of brokerage contracts (for more information, see the article entitled Signing a brokerage contract for sale, purchase or leasing). The Real Estate Brokerage Act allows the OACIQ to visit the activities of real estate agents, but it does not address the amount of compensation that a broker can claim as an intermediary in a transaction. Compensation varies from banner to banner and even from broker to broker, as it is an agreement that you have to negotiate together. This newsletter relates to the receipt and/or payment of transfer fees to third parties who may not be directly involved in a real estate transaction. Depending on the situation, this is not explicitly known under the Real Estate and Business Brokers Act, 2002 (REBBA 2002) and in other cases. It is important to know the rules of your specific circumstances, as described in this diagram. Individuals who refer customers to a mortgage lender made before May 1, 2020 may be paid under current legislation at the time, even if the compensation is paid after May 1, 2020. Compensation for referrals between filers is authorized and must be communicated to all parties.
In some cases, written consent may be required. B, for example, if an existing commission agreement is amended. Please keep in mind that compensation must be received by the filer`s brokerage company and then paid to the filer. Remember, according to REBBA 2002, “negotiation,” a sale or acquisition or transaction in a property by sale, purchase, purchase, sale, exchange, option, leasing, lease or other and any offer or attempt to list real estate for the purpose of such a sale, acquisition or transaction, and any action, advertisement, execution or negotiation, directly or indirectly, to promote a disposition, acquisition, transaction, offer or test, and the verb “trade,” has equivalent meaning.